“The problem was much bigger than we anticipated it to be”: Day 1-1000 of Mida
Three ex-Renmoney execs launched Mida, a startup tackling the massive problem of loan recovery for digital lenders, aiming to fix the back-end of the lending process.
Before Mida had a name, it existed as three separate ideas inside Renmoney, a Nigerian digital microfinance bank, where its three founders worked as colleagues, each unknowingly trying to solve the same problem. Mayowa Anibaba, Okeroghene Egbi, and Adija Uzodinma held senior leadership roles at the lender. Anibaba led engineering, Egbi headed product and marketing, and Uzodinma oversaw IT and operations. They called themselves “the trio.” From their respective roles, they saw the same weakness in digital lending. A lender could streamline the onboarding process, automate credit checks, and approve loans within minutes. But unless borrowers repaid those loans, none of those efficiencies mattered. As they spoke with lenders beyond Renmoney, they realised the problem extended well beyond a single institution. Anibaba, who had begun consulting for other lending businesses, found that many were grappling with the same challenge: recovering overdue loans.
